广告行业跟踪（9）：9月整体下跌，梯媒同环比增长

Investment Rating - The report maintains a "Positive" investment rating for the advertising industry [6]. Core Insights - The advertising market in China showed a mild growth of 2.3% year-on-year from January to September 2024, despite a 3.5% year-on-year decline in September, marking the first drop after three consecutive months of growth [3][4]. - Elevator media channels, including LCD and posters, demonstrated significant growth with increases of 23.1% and 15.9% year-on-year respectively, indicating strong resilience in elevator advertising [3][4]. - The report highlights a notable decline in advertising spending in the food and beverage sector, with decreases of 6.3% and 7.7% year-on-year, while alcohol, entertainment, cosmetics, and telecommunications sectors experienced double-digit growth [4]. Summary by Sections Market Performance - The advertising market experienced a 3.5% year-on-year decline in September 2024, with a month-on-month decrease of 4.1% [3][4]. - Despite fluctuations, the overall trend indicates a moderate growth in the advertising market [3]. Channel Analysis - Elevator advertising channels showed robust growth, with significant increases in spending [3][4]. - Other advertising channels, such as newspapers and magazines, also saw month-on-month growth, while some channels experienced varying degrees of spending reductions [3]. Sector Insights - The food and beverage industry faced substantial advertising cutbacks, particularly in television and cinema, while certain categories within the beverage sector, like specialized drinks, saw a 57.0% increase in advertising spending [4]. - The alcohol sector's advertising expenditure rose by 13.2%, driven by increased promotional efforts in specific product categories [4]. Media Outlook - The report expresses optimism regarding the investment value of elevator media, citing its high-frequency exposure and precise targeting capabilities as key advantages [5].